First Female Central Bank Governor in Cyprus

Chrystalla Georghadji, has been appointed head of the Cyprus Central Bank following the resignation of former governor Panicos Demetriades, who was appointed by Cyprus’ previous communist administration. Georghadji who is currently Auditor General, will be Cyprus‘ first female Central Bank governor.

She will assume her new duties on April 11. “The honour is great but the responsibility is even greater,” Georghadji told the Cyprus News Agency, adding that Cyprus “is going through a difficult financial situation and the challenges are great”. She pointed out that she will work hard to deal with the problems facing the Cypriot economy and to help the country’s banking sector to full recovery.

She studied economics in Greece, Britain and the United States and has been Auditor General since 1998. In her new role, Georghadji will represent Cyprus on the Governing Council of the European Central Bank.

Demetriades’ resignation was mainly due to family and personal issues, but there are claims that he was facing difficulties in his collaboration with the bank’s board of directors, most of whom were appointed by the current government of Nicos Anastasiades.

Anastasiades and Demetriades reportedly disagreed about Cyprus’ economic policy and Anastasiades has been pressing for Demetriades’ departure since last year’s banking collapse and the island’s international bailout. However the Cypriot President stated that the resignation was a result of an understanding between people who realized that difficult decisions were necessary for the country’s benefit.